biden. i'm going to, jared, if i can start with you. we'll get to immigration in a moment. but you heard the president say that he wants to begin with winding down the companies known as fannie mae and freddie mac. he said for too long, these companies were allowed to make big profits buying mortgages knowing if their bets went bad, taxpayers would be left holding the bag. did that surprise you, jared? >> no, i know that that's where the president and his housing team have been at for a while. by the way, just full disclosure, i used to be a member of that housing team a few years ago. it was very important for the government sponsored enterprises, that's fannie and freddie to grow to the size they did when private capital was absent the market. but private capital's been slowly flowing back in. there needs to be a balance where we take down fannie and freddie's role in the market and bring up the private capital role. but to me the critical thing he said in that part of the speech was that